Agent Spotlight : Samuel Raj

Agent Spotlight : Samuel Raj

About Agent Spotlight

Agent Spotlight is a special column where we feature Malaysian insurance agents who have provided exceptional service to their customers. We share their background stories and ask for advice on how Malaysians can protect themselves better against accidents and illness.

This month we interviewed Samuel Raj from Subang Jaya. He shares with us his story, what made him decide to become a insurance agent and what Malaysians should watch out in their insurance policies.

iBanding: What is your background?

Samuel: I actually studied Medical Bio Science from Monash University. Upon graduating, my first job was a medical underwriter with HLA. After a few years, I moved to AIA Singapore for a similar but a broader underwriting role. The job scope includes customer servicing and claims investigation advisory on fraudulent, or non-disclosure cases. Since then, I’ve left the job. Currently, pursuing my promotion to Unit Manager with AIA Berhad in my capacity as an agent. Aside this, I have recently signed on with MPI Generali – a Malaysian Insurance company, for my General Insurance Portfolio. I have also completed my professional LOMA papers, most notably, obtaining the Fellowship designation, FLMI

iBanding: Did you have any specific reason to sign up with MPI?

Samuel: Yes. They have recently partnered with Generali, which is a very notable player in the European general insurance scene. They are more aggressive and competitive in their product and premium offerings.

iBanding: Why not a different insurance company?

Samuel: MPI is more diverse for general insurance, in terms of type of specialty. It is good, as I have clients with different types of needs.

iBanding: What is the Fellowship designation, FLMI?

Samuel: It’s the highest designation for LOMA (Life Office Management Associate). The Fellow, Life Management Institute (FLMI) program is a 10-course professional development program. It provides an industry-specific business education in the context of the insurance and financial services industry. The FLMI teaches advanced insurance and financial concepts to build a deeper understanding of the insurance business. Established in 1932, the FLMI program is the world’s largest university-level education program in insurance and financial services.

iBanding: How long have you been in the insurance industry?

Samuel: All of my career lifetime ever since I have graduated. Last October was actually my 6th year in the industry and counting!

iBanding: What is your insurance specialty and focus in insurance?

Samuel: Based on my background, I have handled a lot of complex medical cases. Mostly from clients who have trouble with application rejections or those who are unsure on how to fulfil the medical requirements. As I used to be an underwriter, I feel that I have better leverage when negotiating for the best terms for my clients. I would also try to hit the generation Y market besides the ailing and the sick. This is because it represents a large future potential referral base, if it’s done right.

iBanding: Do you have any specific approach on hitting the Y market?

Yes. Simplify the terms. Use technology in presentation and dealing with them. Interaction via social media is key. Ensure you understand their needs precisely. The Y market could easily understands agents who are trying to make a quick buck by offering unnecessary products. This generation is less loyal, and can switch easily without hesitation.

iBanding: What made you choose insurance as your career?

Samuel: It actually feels like insurance chose me! I enjoy the subject of risk management and the overall concept on how insurance works. Besides, this career allows me to meet new people from all walks of life. It is pretty interesting compared to being stuck at a desk all day. Additionally, with the current advancement of technology, it makes my work much easier since things got a whole lot mobile (iPOS by AIA)!

iBanding: What are the biggest mistakes Malaysians make in buying insurance?

Samuel: Several. The most prominent mistake would be putting it off till later time, which is a big no-no cause you’ll never know when illness or tragedy will strike. I’ve encountered clients who can’t even remember the objective of the purchased policy, thinking it’ll be useless to them later on. Also, we Malaysian are always looking for “cheaper” products. However, in insurance cheaper don’t always means better, as each product always have their pros and cons.

iBanding: Why do you think that the clients can’t remember the objective of the purchased policy? Can you please give me an example? I believe it will be helpful for readers to better understand.

Samuel: Most of the time, it’s because that the agents themselves often forget about it or don’t reinforce its use or objective consistently. Clients also do tend to forget due to very good marketing by other insurers which make their plan more attractive.
Asides this, sometimes customers are tempted with the latest innovation and advancement in the industry; hence that is why they might forget the reason for their current policies.

A good example would be my client X. X purchased a policy 5 years ago. The objective was to cover his loss of income to his family and also medical coverage. However, he feels the financial strains of raising a family, and decides to forgo his own coverage. He decided to take up a plan for his kids instead. Majority would think this is a selfless act of a father, in fact, this actually transfers a higher amount of risk back to the family. This is because if the sole bread winner does suffer a major illness or accident, his family will greatly be impacted with his loss of income to sustain their current lifestyle. They might have to downgrade or sell off assets just to go by.

iBanding: For car insurance, what are the most common mistakes Malaysians make during an accident?

Samuel: Where do I begin? Firstly, they tend to under insure the vehicle. When a pro-rated claims amount is paid out, they get upset on the settlement amount. In actuality this is clearly stated in the policy contract. Next, it would be insufficient windscreen cover. It is required for those who commutes daily, as our roads spew out all sorts of debris. Also, always go to your panel insurer for repair works. Never let these ‘call man’ which rush to the scene of the accident (faster than emergency responses sometime) persuade you to do otherwise. Call the hotline and I am sure most CSRs will be happy to assist you.

iBanding: What is your secret of success?

Samuel: To be honest, I wouldn’t call what I have achieved so far is a success. I feel that I still have a long way to go. I guess my secret is that I am always striving for more, than I did previously. Determination is key to me. I try my best to push myself and never throw in the towel so easily. My current mentor always reminds me of a catch phrase, which has kind of stuck to me. “Be comfortable being uncomfortable”.

iBanding: What is the most challenging situation you have to overcome as an insurance agent?

Samuel: The most challenging situation to date would have to be that one incident when my client’s claim was denied. Due to, on the grounds of a non-disclosure. It was a very tough situation dealing with the client. He and I, both knew there wasn’t any wrong doing on our part. It was just that some of the information received from the treating hospital was incorrect. But, as they requested an investigation, we had to comply with the investigation. Dealing with my client for 3 months as the claim was delayed was no easy task, but once it was approved I breathe out a huge sigh of relief. Since then, I haven’t had any more daunting scenarios.

iBanding: Is it possible to share what kind of treatment it was? Looking back what would you do differently, if you could change things?

Samuel: Sure, it was a shoulder dislocation surgery due to a basketball accident. In hindsight, I wish I had informed him about the exact claims procedure. I would have explain on why companies are so sticky. Especially when claims occur within the first 2 years of the policy inception. That clause was clearly indicated in the policy contract, I guess I’ve failed to highlight it properly.

iBanding: What are the biggest problems or challenges you face as an agent at the moment?

Samuel: Technology is coming into our industry in leaps and bounds. Some actually makes our work easier. Other advancement has actually eliminated us from the process of purchasing insurance all together! Asides this, enforcement of regulations in between companies could do some improvements. There are plenty of cases of ROPs (Replacement Policies) and agent pinching. Also, with enforcement of PDPA, we need to find more creative ways to gather qualified leads. Hence, cold calling and text message blasting doesn’t seems so effective anymore.

iBanding: What is ROPs?

Samuel: Replacement of Policies. When you make a client surrender or lapse an existing policy. So that he can take up a new policy. This is unethical. This is because the client would be in lesser health condition prior to take up of new policy. Hence, unfavorable terms and premiums charged. Also, he may lose coverage of a condition that he was previously covered for.

iBanding: Where do you think the insurance industry is heading next year? Where do you think it is heading 5 years from now?

Samuel: I see some form of deregulation from the authorities. More self-governance coming into play within the industry in the coming year. This is a good thing, as I think the markets are maturing slowly. Further down the road, however, things might look a whole lot different; with my guess being consumers will become more tech savvy and more informed in their purchasing decision. Technology will certainly have a big part to play as well in the way we do business. Additionally, I feel that the profession might be more streamlined. Together with stricter requirements to ensure only full time professional are maintained. This is done by weeding our part timers and those barely meeting the required hours.

We thank Samuel Raj for the time and wisdom he shared with us. If any questions or would like to talk to him for more information about insurance. You can contact check out his directory listing at Samuel Raj.